Video - Nigerian Central bank raises cash reserve ratio amid inflation fears

The fear of a further spike in inflation has compelled the Monetary Policy Committee of the Central Bank of Nigeria to adopt a tightening stance, by raising the cash reserve ratio for banks in the country from 22.5 per cent to a new level of 27.5 per cent. Central Bank Governor, Godwin Emefiel, says the move will mop up excess liquidity in the Nigerian economy and check rising inflation which has been on an upward trajectory since August last year. Here is CGTN's Deji Badmus with more on that story.